Nigerians could pay more for petrol and diesel if the country’s local refineries remain non functional.
That warning is coming from the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN.
The association is calling on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, to urgently facilitate production at Nigeria’s refineries.
PETROAN President Billy Gillis Harry raised the concern during a lecture at the Ignatius Ajuru University of Education in Rivers State.
He said the ongoing tensions involving Israel, United States and Iran have pushed global oil prices higher.
According to him, attacks around the Strait of Hormuz which carries about 30 percent of the world’s crude oil have also raised concerns in the energy market.
Gillis Harry said before the crisis, petrol sold for about 774 naira per litre.
But it now sells between 950 and 970 naira.
Diesel has also jumped from about 950 naira to around 1,400 naira per litre.
He warned that if tensions continue, petrol prices could rise to nearly 1,500 naira per litre, while diesel could exceed 2,000 naira.
According to him, reviving local refineries would reduce Nigeria’s dependence on global markets and help stabilize fuel supply at home.
